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Interest only mortgage query

Fol20 · 2017-12-15 00:06:22

Hi guys i have recently taken out an interest only mortgage and I’ve noticed that my monthly installments are changing on a monthly basis. The interest rate hasn’t changed so I thought the installment per month would remain the same also since the capital balance is also not changing.

15-12-2017 12:06am

#1

Fol20

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Hi guys i have recently taken out an interest only mortgage and I’ve noticed that my monthly installments are changing on a monthly basis. The interest rate hasn’t changed so I thought the installment per month would remain the same also since the capital balance is also not changing.

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Comments

#2 15-12-2017 8:25am

phormium

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Changing by much? It will differ month to month slightly depending on how many days in the month.

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